Commercial Fleet Financing Review
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Pros and cons of Commercial Fleet Financing
Pros
- Quick turnaround time
- Good customer reviews
- No down payment required with excellent credit
Cons
- Doesn’t offer other financing options
- Not openly transparent with key details
Commercial Fleet Financing small business loans review
Commercial Fleet Financing has been around for three decades, offering commercial vehicle financing out of its home office in Carrollton, Texas. As long as it’s a commercial vehicle, you can apply to lease or finance it; that includes semi trucks, box vans, limousines, tow trucks and even forklifts and cherry pickers. If it’s not a commercial vehicle, you’ll need to look elsewhere for funding.
There’s not a lot of information from actual customers about what it’s like to work with Commercial Fleet Financing outside of a bundle of reviews on Google (which are overwhelmingly positive). For its part, Commercial Fleet Financing doesn’t give you much information to go on when making a decision about whether to apply for financing. It doesn’t list its rates and fees, for example, nor go into much detail about what you’ll need to qualify for financing.
We’re not a fan of that approach because it relies on you proactively reaching out to the company for more information, thereby putting yourself into a high-pressure sales situation when you’re just trying to find bare-bones details. It’s always best to compare your rates among different lenders — especially if your business is credit challenged — and processes like this can waste your valuable time as a business owner.
- Business owners who want fast funding. It can take just a couple of hours to get approved for funding; once approved, the seller should receive their funds within 24 hours.
- Business owners with credit challenges. Commercial Fleet Financing may require more paperwork, charge higher prices and offer stricter terms, but they are able to accommodate borrowers with credit problems such as recent bankruptcies.
Commercial Fleet Financing small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Equipment financing | $100,000 up to $1,000,000 | Up to 108 months | Not disclosed | Not disclosed |
| Equipment leasing | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equipment financing
Commercial Fleet Financing doesn’t provide a whole lot of information on its equipment financing, which is unfortunate since that’s crucial information you need to know. Instead, the company directs you to contact them for more details or to fill out a “credit application,” which is essentially just a contact form.
That said, the company does claim to offer flexible financing. If you have excellent qualifications, you may have minimal paperwork requirements, and Commercial Fleet Financing may not even require a down payment. Business owners with less creditworthiness may need to submit more paperwork and face tighter terms and conditions in order to get approved.
Equipment leasing
If Commercial Fleet Financing was sparse on details for its equipment loans, it’s even more tight-lipped about its leasing programs. It offers a zero-down leasing option, but it provides no other information about how this particular lease works or what other lease options it offers.
As per its equipment loans, however, you can get a credit decision as quickly as just a couple of hours, with funding for the deal going through within a day.
Commercial Fleet Financing borrower requirements
| Minimum annual revenue | Not disclosed |
| Minimum time in business | Two years |
| Minimum credit score | 640 |
Commercial Fleet Financing is very clear that you can often get approved with lower credit scores and little time in business, so long as you’re willing to submit extra documentation with your application. You may also receive less favorable terms on your commercial loan, and you may have to pay higher costs, too.
Required documents
If you’ve already found the vehicle you’re looking to finance, you’ll need to submit the buyer’s order during the application process so that Commercial Fleet Financing can review it.
Loan representatives at Commercial Fleet Financing may impose additional financial requirements on a case-by-case basis, particularly if you’re a newer or credit-challenged business. This could include providing extra documents like recent tax returns and/or bank statements, and you may need to sign a personal guarantee to repay the funds if your business venture fails.
Alternatives to Commercial Fleet Financing
| Commercial Fleet Financing | Bank of America | Truck Lenders USA | |
|---|---|---|---|
| Minimum credit score | 640 | 700 for unsecured term loans and lines of credit Not disclosed for other products | 675 |
| Loan products offered | Equipment financing Equipment leasing | Term loans, lines of credit, auto loans, real estate loans, equipment loans, SBA loans | Equipment financing |
| Time to funding | 24 hours | 10 days | 24 hours |
| Starting rate | Not disclosed | 6.19% APR for auto loans 7.00% for equipment loans | 8.25% |
| Maximum loan size | $1,000,000 | No maximum | $1,000,000 |
| Minimum annual revenue | Not disclosed | $250,000 | Not disclosed |
Commercial Fleet Financing vs. Bank of America
If you’re looking to stick to the mainstream business lending world, consider Bank of America. In addition to commercial vehicle loans, it offers just about any other type of financing you might need, a stark contrast to Commercial Fleet Financing’s sole lending option. Plus, you can do your business banking there, too, with in-person locations widely available across the country.
Banks tend to have stricter requirements and operate on a slower timeline, but if you can manage it, they typically offer more favorable terms, too.
Consider Bank of America if: You’re running a more creditworthy business and can wait a few weeks for traditional financing from a bank, which may offer better terms and a wider range of products to meet your future needs.
Commercial Fleet Financing vs. Truck Lenders USA
If you’d rather stick with a lender specializing in the trucking industry, Truck Lenders USA is a worthy contender. It offers a bit — but not much — more information on its programs than Commercial Fleet Financing, including more details on what you need to get approved.
It tends to favor borrowers that are a bit more creditworthy. In addition, if you’re looking to buy sleeper trucks, it requires a three-truck minimum to be eligible for financing.
Consider Truck Lenders USA if: You’re operating a more established trucking outfit and want to stick with an industry-specific lender, or just want a more similar lender to Commercial Fleet Financing to compare rates and terms on financing offers.
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